Not all insurances can provide protection immediately after purchasing the insurance. If the product contains a "waiting period" description, it will take a period of time before you can apply for a claim. The waiting period is set up by insurance companies to prevent people from taking out insurance while sick. The purpose is to prevent people from taking out insurance after suffering from illness or accidents in order to obtain insurance claims. Today I will show you what you need to pay attention to during the waiting period.
What is the waiting period?
The waiting period is a common clause in insurance contracts, which stipulates that you must wait for a period of time after taking out the insurance. During this waiting period, even if an insured accident occurs, the insurance company is not liable for compensation.
How long is the waiting period before I can apply for a claim?
The waiting period usually starts from the effective date or reinstatement date of the insurance contract. The length of the waiting period may vary for different insurance products.
medical insurance
You can see from the terms that the waiting period for medical insurance is 30 days.
The term "disease" as mentioned in this Addendum refers to the disease that occurs to the insured person after thirty days from the effective date of this Addendum (or from the date of reinstatement).
cancer insurance
Looking at the terms, you can see that the waiting period for the "cancer" part is 90 days; the waiting period for the "disease" part is 30 days.
11. "Cancer (early stage) or cancer (mild) confirmed by initial diagnosis": means that the insured has not suffered from "cancer" before the effective date of this contract.
"cancer", and starting from the ninety-first day from the effective date of this contract, the patient shall be diagnosed with "cancer" for the first time by a hospital physician.
(early stage) or cancer (mild)".
18. "Illness": refers to the illness of the insured that occurs on the 31st day from the effective date of this contract or from the date of reinstatement.
Is there a waiting period for reinstatement?
We can remember a simple principle: currently, except for cancer insurance and major injury insurance, there will be no waiting period for insurance renewal.
For example, for medical insurance, you don’t have to wait for a long time on the day it is reinstated. If an insured accident occurs on the same day, you can apply for a claim.
The term "disease" as mentioned in this Addendum refers to the disease that occurs to the insured person after thirty days from the effective date of this Addendum (or from the date of reinstatement).
Therefore, for general medical insurance such as medical out-of-pocket payment and medical daily amount, if the policy has been suspended due to non-payment of premiums, you do not need to wait for 30 days after reinstatement. If an insurance accident occurs on the day of reinstatement, you can apply Claims.
If cancer insurance and major injury insurance are reinstated, there will be a new waiting period. The waiting period for cancer insurance and major injury insurance is usually 90 days.
There are still some things to pay attention to when re-effectiveing, let’s take a look at the following:
The proposer shall submit an application for reinstatement of the preceding paragraph within six months from the date of cessation of validity, and the proposer shall pay the insurance premium minus the risk insurance during the cessation period.
After the balance is charged, its validity will be restored from 0:00 a.m. on the next day.
If the applicant files an application for reinstatement in Paragraph 1 six months after the date of cessation of validity, the Company may serve the applicant's application for reinstatement on the Company.
The applicant for insurance shall be required to provide proof of insurability of the insured within five days from the date of insurance. If the applicant fails to submit all the guarantees required by the Company within ten days,
If it is clear, the company may return the application for reinstatement.
If the insured's risk level has significantly changed to the extent that the insurance is refused, the Company may refuse reinstatement.
When we apply to the insurance company for reinstatement of the policy, if we apply for reinstatement within six months of the inactivity, it will be reinstated the next day after paying the fee specified by the insurance company. If you apply for reinstatement after being out of service for more than six months, the insurance company can ask you to provide proof of insurability, and the insurance company will re-evaluate your situation based on the information. If the insurance company determines that you currently belong to a high-risk group, the insurance company can refuse reinstatement.